President lauds Nidec for hi-tech investment in Vietnam

Vietnam’s President Nguyen Minh Triet expected Japan’s Nidec and other investors would continue to invest and reap successes in the Southeast Asian nation.

Vietnamese State leader (R) shakes hand the President of Nidec Corporation while receiving him in Hanoi on September 15 (Photo: VietnamPlus)

At the meeting with Nidec leader in Hanoi on Wednesday, President Triet applauded the Japan accurate mechanical manufacturer, who is investing a plant in the hi-tech zone project in Ho Chi Minh City, for implementing the commitment on investment in this major infrastructure project.

Vietnam’s economic development policy is looking towards a sustainable economy with priority on developing hi-tech zones, affirmed Mr. Triet, adding that Vietnam has created favorable conditions for projects in this field.

The Vietnamese president expected Japan’s Nidec and other investors would continue to invest and reap successes in Vietnam.

On the same day, HCMC Party Committee Secretary Le Thanh Hai lauded Nidec’s efforts in the development of the hi-tech zone project in Ho Chi Minh City despite of the global economic and financial crisis.

Since 2005, Nidec has operated three plants in Ho Chi Minh City with the total investment of US$500 million and achieved US$330 million for exported hi-tech product turnover.

At the meeting, two sides reached a four issue agreement. Firstly, Nidec will soon implement research and development activities in the city and the hi-tech zone management board will provide the Japanese group with administrative formality, land and human resource.

Secondly, Nidec will help Vietnam to promote the supporting industry. Nidec will take Japan’s small and medium investors which manufacture components for Nidec to Vietnam. They will cooperate with domestic businesses to manufacture spare parts for Nidec. The city will construct leasing factories for Japan’s small and medium companies.

Thirdly, the city will supply land near the hi-tech zone where Nidec can build shelters for workers.

Lastly, Nidec will improve skills for workforce as well as provide training to Vietnamese young engineers and invite Vietnamese experts in Japan to work for the country.

Most view

The Ministry of Transport, the People’s Committee of the Mekong Delta province of Tien Giang and investors yesterday met and agreed to cut down tolls for all vehicles through controversial Cai Lay BOT (Build-Operate-Transfer) tollbooth.